Russia’s Sberbank and Singapore’s Trafigura secure oil sales transaction via blockchain

Russia’s largest bank Sberbank and Trafigura Group Pte. Ltd of Singapore made a pilot blockchain transaction as part of a West Siberian oil sales deal during Russia’s Eastern Economic Forum on September 5, Sberbank said in a press release.

Sberbank purchased from Trafigura its accounts receivable of a major Turkish trader. Sberbank and Trafigura agreed on the financial terms of their deal and made a settlement that was tracked online step by step.

This transaction was carried out on a platform created by the parties using the Hyperledger Fabric framework, with the transaction date, amount, timeframe, delivery scope and financial terms blockchain-encrypted.

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